An existing client was keen to re-evaluate if the investment strategy recommended by its current investment consultant would enable the Trustee to meet its objective in the agreed timescale.
The Review Process
As an independent evaluator, we undertook all the heavy lifting of the review, allowing the Trustee to focus purely on the important decisions.
We created a bespoke brief and produced a longlist of candidates from our extensive market knowledge and an understanding of the Trustee’s specific requirements. This was agreed with the Trustee. The brief included a template fee schedule to allow for a direct comparison of expected costs.
We drafted a Request for Proposal (RfP). We held calls with each candidate to ensure there was a clear understanding of the requirements and to provide an opportunity for specific questions. This, in itself, was a very revealing process, allowing us to understand each firm’s approach and thought process ahead of their written submission.
Once the responses were received, we assessed the results and produced a summary report, fee evaluation and recommended a shortlist.
The Trustee approved the recommended shortlist of candidates.
We scheduled shortlist candidate interviews with the Trustee and coordinated follow-up site visits.
After the successful candidate was confirmed, we liaised with the incumbent to ensure a smooth transition of services and personnel.
The Trustee was able to identify that its existing investment strategy was not fit for purpose, nor would it enable the Scheme to reach self-sufficiency in a realistic timescale, if at all.
The process also allowed the Trustee to understand how the investment consultancy market had evolved since its last review, along with a detailed analysis of the costs associated with the options (now) most applicable to it.
The shortlist candidate interviews allowed the Trustee to pick a team which represented a superior fit, both in terms of overall market knowledge and understanding, and with the personalities of the existing Trustee Board.